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The Henry Ford Innovation Institute in Detroit is looking for 10 teams of would-be entrepreneurs interesting in launching companies around the idea of wearable and sensor technologies.

To that end, it has announced the Davidson Digital Health Challenge, which is calling on employees or clinicians aligned with the Henry Ford HealthSystem to submit ideas to improve patient outcomes and reduce the cost of care through the gathering of data from wearable and sensor technologies.

The challenge is open for submissions until June 26.

“We have seen a boom in technologies like wearable pedometers, Bluetooth-enabled scales and wireless pulse-oximeters, which are low-cost and widely available,” said Scott Dulchavsky, a doctor who is CEO of the Innovation Institute, in a news release announcing the challenge Wednesday.

“These widely available devices are capable of collecting huge amounts of health related data. Our challenge now is to find transformative applications for this data – and our physicians and employees are ideally positioned,” he said.

The winning idea will get $5,000. The five finalists for the grand prize will be announced Aug. 19.

Ten teams will be given the opportunity to take part in an entrepreneurship-education series that will introduce them to the tools needed to take an idea and bring it to market.

Last fall, the Innovation Institute held its first employee-focused challenge, called “Digital Solutions for Avoidable Hospital Readmissions.”

Three teams were selected and are exploring getting their ideas commercialized.

The Davidson Digital Health Challenge Series is presented with support from the Davidson Center for Entrepreneurs in Digital Health at the Innovation Institute.